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LIMITED LIABILITY COMPANY: A relatively new legal firm type that operates very much like a partnership, but in which every owner has limited liability. The advantage of a limited liability company, over a limited partnership, is that every owner has limited liability. It also has advantages over an S corporation in that very few restrictions exist on who can be an owner.
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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